State-sponsored fund houses Union Mutual Fund and BOI AXA Mutual Fund are exploring an option to merge. The talks are at a nascent stage. The former is sponsored by Union Bank of India (UBI). The latter is a joint venture between Bank of India (BoI) and AXA Investment Managers, a part of the Paris-headquartered AXA Group. While a merger might not lead to any meaningful addition in assets, it would mean cost synergies, economies of scale and wider distribution, said sources.
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